Corsa Announces Extension of Loan Maturity Date

TORONTO, May 14, 2012 /PRNewswire/ - Corsa Coal Corp. (TSXV: CSO) ("Corsa" or
the "Company") announces that the maturity date of the second loan for
U.S. $19.5 million under the Company's Senior Credit Facility has been
extended from May 18, 2012 to June 18, 2012.

The Senior Credit Facility

On May 18, 2011, Corsa completed the U.S. $25 million senior credit
facility (the "Facility"). The Facility consists of two separate
loans, of which both have been fully drawn. The first loan is for U.S.
$5.5 million with a term of 13 months. The second loan is for U.S.
$19.5 million with an initial term of 6 months, subject to an extension
option for a further 6 month term which has been exercised. The loans
are evidenced by two separate debentures secured by a pledge by Corsa
of the shares of its principal subsidiary Wilson Creek Holdings, Inc.

The lenders (each as to 50% of the aggregate principal amount of the
Facility) are Zebra Holdings and Investments S.a.r.l. and Lorito
Holdings S.a.r.l. Zebra Holdings and Investments S.a.r.l. and Lorito
Holdings S.a.r.l. are two companies wholly owned by a Lundin family
trust. They each currently hold 25,389,000 common shares of Corsa, for
an aggregate of 50,778,000 common shares (representing 17.9 % of the
issued and outstanding shares of the Corsa).

Information about Corsa

Corsa's primary business is the mining, processing and selling of
metallurgical coal, as well as actively exploring, acquiring and
developing resource properties consistent with its coal business in
Northern Appalachia.

The TSX Venture Exchange has neither approved nor disapproved the
contents of this press release. Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.